Oil prices rise to $70 per barrel for the first time since 2014

HOUSTON - Iran is turning up the heat with oil prices! Prices that are guaranteed to burn your pockets at the pump.

U.S. oil prices rise above seventy dollars for the first time since 2014. The sudden surge comes ahead of President Trump's big decision on the Iranian nuclear deal and just in time for summer vacation.

The rising price of crude oil affects more than just your gas tank. Crude oil is used to make everyday consumer products such as plastics and other chemicals impacting your daily shopping habits.

Chief energy officer Ramanan Krishnamoorti with the University of Houston says, "Rising crude oil prices is a positive thing for Houston the Energy Capital of the World."